El-Erian breaks ranks with Wall Street, says Powell should resign to preserve Fed independence

Central bank independence and credibility matters. Here’s why

Olga Kashubin/ShutterstockIn the United States, President Donald Trump has been pressuring the chairman of the US Federal Reserve, Jerome Powell, to slash interest rates. This is partly to ease the interest payments on the ballooning US government debt. Powell has so far resisted, but Trump has also threatened to replace him with someone who will do what he asks. In Australia, after the Reserve Bank’s surprise decision to hold interest rates ste…

Jerome Powell must quit to save the Fed, one prominent economist says

The Federal Reserve’s independence from political interference, viewed as sacrosanct inside the central bank, is under siege.

Economist Mohamed El-Erian says Fed chair Powell should resign

Jerome Powell's departure would preserve central bank's independence, he says

Jerome Powell should resign, top economist Mohamed El-Erian says, citing a scandal Trump hasn't even mentioned

Remember the insider trading scandal at the Fed? El-Erian does, along with what he considers a series of missteps on inflation.

Top economist Mohamed El-Erian breaks ranks with Wall Street and says Powell should resign to preserve Fed independence

Mohamed El-Erian on Tuesday called for Federal Reserve Chair Jerome Powell to voluntarily relinquish his position in order to ensure the central bank’s independence, making the chief economic advisor at Allianz one of the first prominent economists to publicly take such a position.